ArdorComm Media Bureau
April 20, 2026
GOA, 20th April 2026: Goa Institute of Management (GIM) and XIM University researchers have highlighted the role of gender-diverse corporate boards in determining firms’ response to climate-related risks and sustainability disclosures. The research suggests that firms with boards that are gender balanced demonstrate improved attention and consistency in tracking environmental issues and climate risk reporting.
Published in prestigious Finance Research Letters, the research analyses data from 9,128 firms across 91 countries between 2015 and 2023. It provides new global evidence showing that firms do not respond uniformly but rather adjust their Environmental, Social and Governance (ESG) disclosures differently depending on the nature and intensity of the risks they encounter.
Prof. Purba Bhattacherjee from Goa Institute of Management and Prof. Sibanjan Mishra from XIM University have identified two specific forms of climate risks, including –
- Long-term transitional risks emerging from market shifts towards decarbonisation
- Short-term or immediate physical risks stemming from extreme weather events and other climate-related disruptions
Speaking about the research, Prof. Purba Bhattacherjee, Assistant Professor, Finance and Accounting area, GIM said, “Climate risk forces firms into trade-offs between reporting and resilience, and gender-diverse boards are at the centre of navigating this tension.”
Key findings of the analysis include:
- Firms with higher women representatives on boards have significantly increased ESG disclosure in response to long-term climate transition risks. These disclosures act as strategies of sustainability commitment, and reflect a more forward-looking approach where firms try to signal preparedness for regulatory changes, shifting investor expectations, and low-carbon transitions.
- During acute disruptions, firms with gender-diverse boards prioritise operational resilience over ESG disclosures for immediate risk management. When this happens, the focus shifts to maintaining business as usual and managing short-term shocks rather than extending sustainability communication.
- The presence of gender-diverse boards becomes more influential in countries with weak governance and institutional structures. It indicates that when external oversight, regulation, or enforcement mechanisms are scarce, board composition plays a more significant role.
Outcomes of this study refute the one-size-fits-all ESG strategy. Prof. Purba Bhattacherjee and Prof. Sibanjan Mishra evidences that firms do not follow a common practice and instead adjust their ESG disclosure based on climate risk type and temporal nature.
Speaking about the findings of the study, Prof. Sibanjan Mishra from XIM University said, “Given that companies shift their approach as risks develop, it is evident that ESG reporting is more dependent on climate risk circumstances compared to general perception.”
Furthermore, firms with more women on their boards are able to respond to changing environmental uncertainties more effectively and flexibly. The responses oscillate between long-term sustainability signalling and short-term risk management, suggesting a more flexible decision-making process rather than a fixed ESG approach.
The study by Prof. Purba Bhattacherjee and Prof. Sibanjan Mishra, contributes to ongoing global discussions on climate governance by distinguishing between different types of climate risks, rather than treating them as a single category, and by showing that firms respond differently depending on whether the risks are gradual or sudden. It also demonstrates how board composition influences firms’ behaviour under uncertainty, suggesting that who is involved in decision-making can shape how firms interpret risks and choose between disclosure, adaptation, or immediate response actions.
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